ProShares Plans XRP Futures ETFs by April 30

ProShares, a prominent asset management firm, has announced its intention to launch a series of exchange-traded funds (ETFs) based on XRP futures by April 30. This development was confirmed in an updated filing with the US Securities and Exchange Commission (SEC) on April 15. The firm plans to introduce three distinct futures-based funds: the ProShares UltraShort XRP ETF, the ProShares Ultra XRP ETF, and the ProShares Short XRP ETF. These ETFs will not hold XRP directly but will instead utilize futures contracts and swap agreements to provide exposure to the asset.

This announcement comes at a significant time, as it follows closely on the heels of the launch of the first XRP-based financial investment vehicle in the US. On April 9, the Teucrium 2x Long Daily XRP ETF (XXRP) was introduced, offering investors twice the daily performance of XRP through swap contracts. The CEO of Teucrium, Sal Gilbertie, noted that the fund had an exceptionally strong debut, marking the highest first-day trading activity for any fund.

ProShares' entry into the XRP ETF market further bolsters the growing institutional interest in XRP. Crypto analytics firm Kaiko has identified XRP as a leading candidate for spot ETF approval in the US. Kaiko's analysis points to a surge in US spot trading volume for XRP and the recent introduction of leveraged funds as indicators of a maturing market. These developments suggest that XRP is ahead of other altcoins in the race for regulatory approval. Kaiko's report emphasizes that the reliance of leveraged ETFs on European ETPs and swap agreements to guarantee twice the daily returns of XRP diminishes most arguments against spot ETF approval.

This optimism is also reflected in prediction markets like Polymarket, where crypto bettors estimate a 75% chance of a spot ETF approval before the end of this year. Should this prediction materialize, analysts forecast that potential capital inflows into these products could reach as high as $8 billion. This bullish sentiment underscores the growing institutional interest in XRP and the potential for significant investment in the asset.